Investing.com -- Anko van der Werff, the chief executive who steered Scandinavian carrier SAS through bankruptcy, is emerging as the leading candidate to take the helm at Air Canada (TSX: AC), Bloomberg reported Thursday, citing people familiar with the matter. The potential appointment would place a seasoned airline turnaround specialist atop a carrier whose stock is trading at roughly half its pre-pandemic level and whose financial guidance remains suspended.

Air Canada has been searching for a permanent CEO since Michael Rousseau announced his planned departure in March, and any credible succession outcome could act as a near-term catalyst for shares that have struggled to reclaim ground lost during and after the COVID-19 pandemic.

Rousseau’s exit was triggered by public and political backlash over a corporate video he recorded in the wake of a fatal aircraft accident that killed two Air Canada pilots at LaGuardia Airport in New York. The outrage centered on his failure to speak French in the video, a significant misstep for the head of a carrier based in the Montreal region that is legally required to provide services in both of Canada’s official languages.

Van der Werff’s own linguistic profile adds an interesting wrinkle to his candidacy. Bloomberg noted that the Dutch national speaks Dutch, English, and Spanish, and carries only a basic understanding of French, citing a 2021 release from SAS. That profile could invite renewed scrutiny from Quebec politicians and francophone advocacy groups, even as his operational credentials appear strong.

On that operational front, van der Werff’s résumé is extensive. He has led SAS for approximately five years, helping the Scandinavian airline emerge from bankruptcy and restore operations following the pandemic’s devastating impact on air travel. Before SAS, he served as CEO of Colombian carrier Avianca between 2019 and 2021, and held senior roles at Grupo Aeromexico, Qatar Airways, and Air France-KLM, giving him rare breadth across both emerging-market and legacy-carrier environments.

SAS is partially owned by Air France-KLM, Bloomberg noted, meaning van der Werff’s potential move to Air Canada, a competitor in the transatlantic market, could raise conflict-of-interest questions among SAS shareholders and bondholders. The timing is also notable: SAS this week announced a major fleet investment in new Airbus SE widebody jets, a strategic commitment that van der Werff helped shape and that could complicate any near-term transition at the Scandinavian carrier.

The leadership search comes at a particularly difficult moment for Air Canada’s finances. The carrier suspended its full-year financial outlook in May amid soaring jet fuel prices linked to the blockade in the Strait of Hormuz, removing the earnings visibility that institutional investors typically require to build conviction in an airline stock. Without a reinstated guidance range, any new CEO will face immediate pressure to reassess the fuel-cost environment and re-engage the analyst community.

For investors tracking AC shares, the stock’s persistent discount to pre-COVID levels reflects a combination of structural headwinds, yield pressure, cost inflation, and the absence of a clear earnings trajectory, that a new chief executive will need to address credibly and quickly.

The key near-term catalyst to watch is a formal appointment announcement from Air Canada’s board. A confirmed hire would likely prompt a fresh round of analyst commentary on whether the incoming CEO’s track record justifies a re-rating of AC shares, and whether the carrier moves to reinstate financial guidance before year-end. Any indication that jet fuel cost pressure is easing would provide additional tailwinds for a new leadership team looking to reset investor expectations.